Whether you’re a seasoned real estate pro, or someone who casually scans the listings from time to time, you’ve probably noticed that the 2022 housing market has been a little hard to follow at times. Like 2021, most experts have indicated that this year has largely been a seller’s market, but what’s in store for 2023?
The economic research team at Realtor.com has made a few predictions, including what they expect to real estate markets experiencing the most growth in 2023. Here’s what to know.
Predictions for the housing markets positioned for the most growth in 2023
With mortgage interest rates skyrocketing over the past few months, many prospective buyers have decided to hold off on purchasing homes—even if the price of the property itself dropped.
But according to the experts at Realtor.com, there are some metropolitan areas that still have a decent amount of (relatively) affordable housing, and that have seen rising sales and prices in 2022, which are anticipated to continue rising throughout 2023. They are:
1. Hartford, Connecticut
Median home list price in November 2022: $372,400
Price change in 2023: 8.5%
Sales change in 2023: 6.5%
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2. El Paso, Texas
Median home list price in November 2022: $290,500
Price change in 2023: 5.4%
Sales change in 2023: 8.9%
3. Louisville, Kentucky
Median home list price in November 2022: $290,000
Price change in 2023: 8.4%
Sales change in 2023: 5.2%
4. Worcester, Massachusetts
Median home list price in November 2022: $447,500
Price change in 2023: 10.6%
Sales change in 2023: 2.5%
5. Buffalo, New York
Median home list price in November 2022: $239,000
Price change in 2023: 6%
Sales change in 2023: 6.3%
6. Augusta, Georgia
Median home list price in November 2022: $318,900
Price change in 2023: 5.7%
Sales change in 2023: 6.2%
7. Grand Rapids, Michigan
Median home list price in November 2022: $358,300
Price change in 2023: 10%
Sales change in 2023: 1.6%
8. Columbia, South Carolina
Median home list price in November 2022: $300,400
Price change in 2023: 3.6%
Sales change in 2023: 7.7%
9. Chattanooga, Tennessee
Median home list price in November 2022: $396,500
Price change in 2023: 8.2%
Sales change in 2023: 2.9%
10. Toledo, Ohio
Median home list price in November 2022: $161,100
Price change in 2023: 6.7%
Sales change in 2023: 4.2%
For more information on these rankings, housing markets, and Realtor.com’s methodology, see the full report.